HashKey’s New $100M Fund to Prioritize Altcoins

CertiLife Secures Funding for Blockchain-Based Medical Device WarrantiesCertiLife, a South Korean startup that specializes in blockchain-based warranty services for medical devices, has recently secured seed funding from dentists and the blockchain industry. The amount of the investment remains undisclosed, as reported by local media outlet Mirakle Ahead.Photo by Jonathan Borba on UnsplashBlockchain advantagesCertiLife leverages the power of blockchain technology to issue warranties for medical devices. Unlike traditional physical warranties, CertiLife’s digital warranties are not only environmentally friendly but also offer cost-saving benefits to medical device manufacturers. This is achieved by eliminating the need for physical resources.Through messaging appCertiLife’s blockchain-powered warranties are issued through South Korea’s popular messaging app KakaoTalk, providing convenience to clinics and patients. They can be easily managed using Klip, a digital asset wallet developed by GroundX, a blockchain subsidiary of Kakao Corp.One of the investors expressed expectations that blockchain-based warranties would address the inconvenience and risk of loss associated with traditional warranties. The investor said that CertiLife’s digital warranties will ensure secure data management, save time, and offer improved convenience.CEO Kim Do-hee of CertiLife emphasized the company’s commitment to utilizing investment funds to enhance its services. Kim said that CertiLife is actively preparing to collaborate with various medical device manufacturers and also exploring opportunities to expand into international markets later this year.

StashAway Malaysia, a Malaysian Securities Commission (SC)-licensed digital investment platform, has extended its market offering to include crypto exchange-traded funds (ETFs) within the Southeast Asian nation. Malaysian daily English language newspaper the Sun reported on Jan. 22 that StashAway will enable Malaysians to invest in two top-tier cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), through its regulated platform.Photo by Traxer on UnsplashFidelity productsThe company is providing its Malaysian clientele access to crypto investment products offered by American multinational financial services company Fidelity Investments. These include the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH). StashAway Malaysia Country Manager Wong Wai Ken explained the company’s rationale in adding the two products. He stated: “Many of our clients have expressed interest in the long-term potential of major cryptocurrencies like Bitcoin but have been hesitant because of security concerns or the complexities of navigating crypto exchanges. We’re now offering them a familiar and safe way to diversify their portfolios by incorporating crypto through a platform they already know and trust.” On a previous occasion, Wong told the Sun that its role is to help investors to diversify their portfolios. Adding access to cryptocurrency fits that objective. The StashAway executive believes that while there may be growing mainstream adoption of cryptocurrency, many investors are turned off gaining exposure due to the risks involved with self-custody or the fees and counterparty risk involved with cryptocurrency exchanges. StashAway charges management fees ranging from 0.2% to 0.8%. The Fidelity crypto ETF products will be offered with a 0.25% annual management fee.  Last June, Malaysian commercial bank Affin Bank became the first entity to offer a crypto ETF in Malaysia. The bank partnered with local fund management company Cross Light Capital to launch the actively managed digital asset fund. Titled the “Performa Digital Asset Fund,” the product incorporates investment in Bitcoin and Ether exchange-traded products (ETPs), with the remaining third invested in blockchain-related equities. The approval of eleven Bitcoin ETFs in the United States led to greater consideration for the approval and addition of such products internationally. However, in the first few months following the launch of these products, regulators, exchange platforms and asset management firms still remained cautious.  In March of last year, Bursa Malaysia, Malaysia’s stock exchange, dismissed the notion of adding cryptocurrency to its multi-asset exchange. Within the region, regulators in Singapore and Thailand both dismissed the idea of enabling Bitcoin ETFs within their markets.  Since then, Thailand’s regulator has moved closer in its consideration of such a product offering. In the case of Malaysia, earlier this month, the country’s Prime Minister, Datuk Seri Anwar Ibrahim, called for stakeholders such as the central bank to focus on cryptocurrency so that the Southeast Asian nation doesn’t get left behind. StashAway is headquartered in Singapore. Besides Singapore and Malaysia, the company also serves investors in Thailand, the United Arab Emirates (UAE) and Hong Kong. The digital platform has 50,000 users in Malaysia, where it serves retail and accredited investors. The company was the first robo-advisor platform to acquire a Capital Markets Services License from the SC in Malaysia.

Bitstamp, regarded as the longest-running cryptocurrency exchange in the business, declared on March 6 that it has obtained in-principle approval for a license to function as a Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS).Photo by Zhu Hongzhi on UnsplashFirst major Euro exchange in SingaporeThis preliminary approval, a precursor to a full-fledged license for operation in Singapore, marks a significant milestone for Bitstamp towards offering digital payment token services within the city-state. According to the exchange's press release, it's the first crypto trading platform with a substantial presence in the European Union (EU) to secure such approval from MAS. The nod from Singapore’s financial regulator arrives amidst notable regulatory strides in the crypto domain, including the European Union’s rollout of the Markets in Crypto-Assets (MiCA) framework and the green light given by the U.S. for Bitcoin ETFs. Focusing on AsiaBitstamp's strategic focus on the Asia Pacific region, with Singapore as its central hub, underscores its focus in delivering services to both institutional and retail clientele across the region. The firm’s intent in this regard became clear in August of last year when Bitstamp sought capital funding to enable it to extend the platform’s reach into various markets across Asia. Whilst the company’s origins can  be traced back to Slovenia, it has since developed further ties with Asia. In 2018, the company was acquired by NXMH, a subsidiary of South Korea’s NXC Corporation. The same holding company owns Korean crypto exchange Korbit. Compliance strategyWhile the licensing is quite the achievement, the company already boasts a robust regulatory track record, surpassing the 50-license mark across key markets such as Luxembourg, the Netherlands, Italy, Spain, France the United States (with coverage in 40 states including New York, Washington, Texas and Florida) and the United Kingdom. In its press release the company referred to its ever-growing licensing collection, outlining that “compliance and regulation [are] at the heart of all operations.” Leonard Hoh, Bitstamp's APAC General Manager, lauded Singapore's proactive stance in establishing a regulatory framework for crypto exchanges, positioning the city-state as a pivotal player in the digital assets landscape. Singapore has already granted full licenses to several crypto service providers, including Blockchain.com, Circle, Coinbase and Ripple. In late 2023, Bitstamp initiated talks with three major European banks regarding the potential introduction of cryptocurrency services in 2024. This signals a broader trend within the EU, where the crypto regulatory initiative, MiCA, is smoothing the path for traditional financial institutions to venture into the digital assets realm. Robert Zagotta, Bitstamp’s Chief Commercial Officer, highlighted the surge in interest surrounding its “Bitstamp-as-a-Service” offering, especially within European circles. This service furnishes a white-label licensing framework, coupled with requisite technology, to aid banks and fintech entities in facilitating cryptocurrency transactions for their clientele. However, the regulatory landscape isn't as welcoming in India, where the country’s Financial Intelligence Unit (FIU) urged the Ministry of Electronics and Information Technology to block the URLs of nine major global crypto exchanges, including Bitstamp, in late 2023.